To systematically change the process and the way we do business and if we can't do it with the process, then we need some different people there. And either the people change the way they're doing things or we got to get different people in there, and

to systematically change the process and the way we do business and if we can't do it with the process then we need some different people there and either the people change the way they're doing things or we got to get different people in there and


and even green space. A recent example of the power of this solution is one where we helped a major Midwestern university with 5 campuses enhance connectivity across its entire operation.

and even green space a recent example of the power of this solution is one where we helped a major midwestern university with 5 campuses enhance connectivity across its entire operation


To maintain our advertising and promotional spend efficiency, some of these advertising dollars have shifted to in-store promotions, but we still remain the price leader.

to maintain our advertising and promotional spend efficiency some of these advertising dollars have shifted to in-store promotions but we still remain the price leader


so the model is really to bring forth those types of solutions that give more value. And that does translate into more beyond the installation and to certain types of recurring revenue streams.

and so the model is really to bring forth those types of solutions that give more value and does that translate into more beyond the installation into certain types of recurring revenue streams


sales and distribution effectiveness and customer service may seem simple, as a combination, they have been very effective. I will take you through some recent examples of these shortly.

sales and distribution effectiveness and customer service may seem simple as a combination they have been very effective i'll take you through some recent examples of these shortly


Comparing to last quarter, adjusted FFO is slightly down, partially due to the timing of the recognition of income tax expense, which Chris will go into in more detail later.

comparing to last quarter adjusted ffo is slightly down partially due to the timing of the recognition of income tax expense which chris will go into in more detail later


and existing compassionate use patients have been offered ongoing access to RINTEGA on a compassionate use basis and there are currently over 100 patients on drug.

and existing compassionate use patients have been offered ongoing access to entega on a compassionate use basis and there are currently over 100 patients on drug


following the closure of that window, we would have the ability to continue to generate robust offshore cash and quickly pay down that debt. So in the event that it went that way and we were permitted to do that,

following the closure of that window we would have the ability to continue to generate robust offshore cash and quickly pay down that debt so in the event that it went that way and we were permitted to do that


Partnerships like this are vital to ensure that today's nuclear energy facilities have the technologies they need to operate safely and efficiently for decades to come.

partnerships like this are vital to ensure that today's nuclear energy facilities have the technologies they need to operate safely and efficiently for decades to come


Customers of these products make more of their buying decisions locally, and they're willing to make trade-offs to achieve their objectives. For example, substituting locally sourced raw materials

customers of these products make more of their buying decisions locally and they're willing to make trade-offs to achieve their objectives for example substituting locally sourced raw materials


and grew the size and quality of our backlog. So a very good quarter demonstrating the early benefits of our transformation, with more to come.

and through the size and quality of their backlog so a very good quarter demonstrating the early benefits of our transformation with more to come


everybody understand, it's a market that has been soft for many, many years now. And it has not been a typical aerospace cycle for Business Aircraft.

everybody understand it's a market that has been soft for many many years now and it has not been a typical aerospace cycle for business aircraft


The company remains committed to industry-leading levels of free cash generation and returns on invested capital with all capital being returned to shareholders via our dividends

the company remains committed to industry-leading levels of free cash generation and returns on invested capital with all capital being returned to shareholders via our dividends


The press release and supplemental package provide 2017 full year and first quarter guidance in detail. As I discuss guidance, keep in mind my remarks are intended to provide our current estimate of future results.

the press release and supplemental package provide 2017 full year and first quarter guidance in detail as i discuss guidance keep in mind my remarks are intended to provide our current estimate of future results


can compete with such a high speed going through a zoning process that we can do in Germany. So that is 1 reason why we really enjoyed being on that market.

can compete with such a high speed going through a zoning process that we can do in germany so that is one reason why we really enjoy being on that market


With the issuance of further guidance by the IRS in the third quarter, we had to adjust our provisional estimates related to repatriation of foreign earnings and reevaluation of certain deferred tax assets and liabilities.

with the issuance of further guidance by the irs in the third quarter we had to adjust our provisional estimates related to repatriation of foreign earnings and a revaluation of certain deferred tax assets and liabilities


All the merchants do not use it. But when I say service, it's a web service. So the majority of the merchants in our company use more than one web service from us,

all the merchants do not use it but when i say service it's a web service so majority of the merchants in our company use more than one web service from us


might not necessarily make the headline, but significant ones, count on one in '19 and one in '20. Some of that is related to where we are in the value generation in the field.

might not necessarily make the headline but significant ones count on one in '19 and one in '20 some of that is related to where we are in the value generation in the field


And finally, in terms of timing, because I don't want to give the feeling that we are floating and that takes long. If I look at what the transformation that some of our peers have done, it takes long time to do this kind of stuff.

and finally in terms of timing because i don't want to give the feeling that we are floating and that takes long if i look at what the transformation that some of our peers have done it takes long time to do this kind of stuff


without any doubt, is that we continue to operate under the highest levels of corporate governance. And having taken the pref shares out, having the yearly votes for our

without any doubt is that we continue to operate under the highest levels of corporate governance and having taken the prep shares out having the yearly votes for our


in our fall products. Yes. I mean, we also -- we want to support our wholesale partners and make sure any liabilities we have in spring are taken care of so that we can clean this -- clear the decks and

in our fall product yes i mean we also -- we want to support our wholesale partners and make sure any liabilities we have in spring are taken care of so that we can clean this -- clear the decks and


The COFINA restructuring further provides for the COFINA portion of the sales tax revenues to be held in segregated accounts includes a nonimpairment covenant as well as other strong protections.

the cofina restructuring further provides for the cofina portion of the sales tax revenues to be held in segregated accounts includes a nonimpairment covenant as well as other strong protections


If you're just going to automate a bad process, that doesn't help anyone. And so the way our clients are getting value out of our platform is not just the technology, but also the opportunity to redesign

if you're just going to automate a bad process that doesn't help anyone and so the way our clients are getting value out of our platform is not just the technology but also the opportunity to redesign


Sure, Kevin. This is Hudson, again. These are not directly related to insurance in any way. But they are related to our response to

sure kevin this is hudson again these are not directly related to insurance in any way but they are related to our response to


The decrease in segment pretax income was due to the increase in operating expenses resulting from the continued build-out of our footprint in our European markets.

the decrease in segment pretax income was due to the increase in operating expenses resulting from the continued build-out of our footprint in our european markets


You'll see on Slide 2 of the presentation our safe harbor statement. We would like to remind everyone that the prepared remarks contain forward-looking statements and management may make additional forward-looking statements in response to your questions.

you'll see on slide 2 of the presentation our safe harbor statement we would like to remind everyone that the prepared remarks contain forward-looking statements and management may make additional forward-looking statements in response to your questions


This was evident this quarter in several ways. Firstly, since our portfolio consists primarily of adjustable rate loans, our gross yield increased in all 3 of our small balance commercial business lines.

this was evident this quarter in several ways firstly since our portfolio consists primarily of adjustable rate loans our gross yield increased in all 3 of our small balance commercial business lines


and also the acceleration and release of cash. So I end where I began, which is we're agnostic to the underlying business. We're capable and competent and happy to take on any.

and also the acceleration and release of cash so i end where i began which is we're agnostic to the underlying business we're capable and competent and happy to take on any


If creditors are ultimately treated unfairly, we expect MAS as well as other Malaysian state-controlled enterprises won't be able to benefit from the same kind of implicit trust the financial community has placed in them for decades past.

if creditors are ultimately treated unfairly we expect mas as well as other malaysian state-controlled enterprises won't be able to benefit from the same kind of implicit trust the financial community placed in them for decades past


the market was such that we had our eye on being able to refinance our existing bonds and have some nice accretion from that transaction, given where interest rates were.

the market was such that we had our eye on being able to refinance our existing bonds and have some nice accretion from that transaction given where interest rates were


As you can see, we were not able to overcome the Morpheus challenge during the second quarter to the degree we had planned, and that changes our outlook for the balance of the year.

as you can see we were not able to overcome the morpheus challenge during the second quarter to the degree we had planned and that changes our outlook for the balance of the year


and at the best sites for care affordably. We also serve people by helping them close gaps in care, which often can be caused by deviations from evidence-based medical practice,

and at the best sites for care affordably we also serve people by helping them close gaps in care which often can be caused by deviations from evidence-based medical practice


The Bureau provided nearly 100 local interviews with House and Senate lawmakers, delivering our viewers both previews and reactions to the President's first joint address to Congress.

the bureau provided nearly 100 local interviews with house and senate lawmakers delivering our viewers both previews and reactions to the president's first joint address to congress


Of significance in the second quarter, we shared that we partnered with our largest Epicel customer to facilitate training sessions with all of the burn centers in their network,

of significance in the second quarter we shared that we partnered with our largest epicel customer to facilitate training sessions with all of the burn centers in their network


I will be discussing our financial performance, excluding Orlaco, which is included in our Electronic segment for consolidation purposes. Bob will be discussing our results inclusive of Orlaco later in this call.

i will be discussing our financial performance excluding orlaco which is included in our electronics segment for consolidation purposes bob will be discussing our results inclusive of orlaco later in this call


Our support functions also deserve recognition for a very good year in providing the front lines with the technology tools and data analytics and the on-time, on-budget major initiatives

our support functions also deserve recognition for a very good year in providing the front lines with the technology tools and data analytics and the on-time on-budget major initiatives


While we are closing in on -- in 60% committed in Opps Fund Xa and have several deals in the works that could take us above that number,

while we are closing in on being 60% committed in ops fund 10a and have several deals in the works that could take us above that number


Now for the financial results. As a reminder, our segment margins are before consideration of unallocated corporate costs, such as amortization of intangibles,

now for the financial results as a reminder our segment margins are before consideration of unallocated corporate costs such as amortization of intangibles


We expect the current challenging retail environment with lower foot traffic to physical retail locations to result in continued reduced spending by consumers on housewares and small appliances in mall locations.

we expect the current challenging retail environment with lower foot traffic to physical retail locations to result in continued reduced spending by consumers on housewares and small appliances in mall locations


Since we launched this strategy 3 years ago, our specialty sales volume has increased by more than 40%, the equivalent of one mill's annual production.

since we launched this strategy 3 years ago our specialty sales volume has increased by more than 40% the equivalent of one mill's annual production


And these are large, complex programs. It's in a number of geographies across the country. There are things that come up that have created complexity that we didn't expect. We've applied cost

and these are large complex programs it's in a number of geographies across the country there are things that come up that have created complexity that we didn't expect we've applied cost


Because home health is envisioned to be the net beneficiary of both of these bundled payment models, we see no downside for Encompass, only upside and lots of it.

because home health is envisioned to be the net beneficiary of both of these bundled payment models we see no downside for encompass only upside and lots of it


As previously discussed, growth in Europe was held back somewhat by the difficult comparison with Germany's strong first quarter last year. Germany is projected to return to normalized growth during the second quarter.

as previously discussed growth in europe was held back somewhat by the difficult comparison with germany's strong first quarter last year germany is projected to return to normalized growth during the second quarter


And so although some companies will have a more limited impact because they've been able to improve their environmental performance over the past 12 months, which is their whole idea of that program,

and so although some companies will have a more limited impact because they've been able to improve their environmental performance over the past 12 months which is the whole idea of that program


In these sessions, consultants from both lines of business work together to identify promising opportunities to expand the breadth of our engagements, with clients who only know us for 1 type of service.

in these sessions consultants from both lines of business work together to identify promising opportunities to expand the breadth of our engagements with clients who only know us for one type of service


Okay, great. And just lastly, at what point would you guys look at expanding the business into other provinces? And is that something that's more dependent on the success of the upcoming fee-based products?

okay great and just lastly at what point would you guys look at expanding the business into other provinces and is that something that's more dependent on the success of the upcoming fee-based products


In-house regulatory and tax expertise aided our ability to pull this transaction together in just 2 weeks on a propriety basis. And it created structure with significant downside protection for our capital.

in-house regulatory and tax expertise aided our ability to pull this transaction together in just 2 weeks on a proprietary basis and to create a structure with significant downside protection for our capital


The exciting part is working on initiatives where we work together on developing product that we could help them launch within Korea. And we have a number of initiatives underway, but it is going to start small.

the exciting part is working on initiatives where we work together on developing products that we could help them launch within korea and we have a number of initiatives underway but it is going to start small


In light of the broad-based spread tightening that continues to take place within credit markets, Agency mortgages remains one the most attractive asset classes for the marginal dollar of capital investor.

in light of the broad-based spread tightening that continues to take place within credit markets agency mortgages remains one of the most attractive asset classes for the marginal dollar of capital invested


more than half of that is likely to come from International. This is not a sales outlook that's contingent on pricing to be successful. It is contingent upon base business remaining healthy and growing. We're investing behind that. It's contingent upon

more than half of that is likely to come from international this is not a sales outlook that's contingent on pricing to be successful it is contingent upon base business remaining healthy and growing we're investing behind that it's contingent upon


which you think if you just stood still, you wouldn't really capture, and therefore, it's just worth putting more money? So is it more a defensive announcement, i.e., things weren't quite as good as they looked from what we look at?

which you think if you just stood still you wouldn't really capture and therefore it's just worth putting more money so is it more a defensive announcement things weren't quite as good as they looked from what we looked at


We continue to expect earnings in this segment to pick up once the remaining sections of Rover are in service and we are able to efficiently provide end user customers with Marcellus and Utica gas.

we continue to expect earnings in this segment to pick up once the remaining sections of rover in service and we're able to efficiently provide end-user customers with marcellus and utica gas


The U.K. now ranks amongst the top CAT dealers in the world for registered customers and users. In this region, our e-commerce channel is complemented by Parts Direct our centralized parts order processing team.

the u k now ranks amongst the top cat dealers in the world for registered customers and users in this region our e-commerce channel is complemented by parts direct our centralized parts order processing team


we've run CDs off considerably to where they're such an insignificant part of our deposit portfolio that we did make a decision to run a couple of promotions to just keep that

we've run cds off considerably to where they're such an insignificant part of our deposit portfolio that we did make a decision to run a couple of promotions to just keep that


And I also want to thank all our global Weight Watchers team for all the incredible work you do in serving and inspiring our millions of members every day. Thank you. The

and i also want to thank all our global weight watchers team for all the incredible work you do in serving and inspiring our millions of members every day thank you


revenue in the first quarter, we will have modestly higher start-up expenses. So it's a combination of growing revenue and some of the start-up that comes with that as well as a higher tax rate on a year-over-year basis.

revenue in the first quarter we will have modestly higher startup expenses so it's a combination of growing revenue and some of the startup that comes with that as well as a higher tax rate on a year-over-year basis


We continue to view our stock as one of the best investments available, and we'll balance the return of capital to shareholders with our priority of building the Argo franchise and shareholder value in the long run.

we continue to view our stock as one of the best investments available and will balance the return of capital to shareholders with our priority of building the argo franchise and shareholder value in the long run


positive cup growth certainly and positive basket growth as we get those customers in, but we need to do more to make people aware that we've got a great cup of coffee available at a great value at our sites.

positive cup growth certainly and positive basket growth as we get those customers in but we need to do more to make people aware that we've got a great cup of coffee available with great value in our sites


So they're still investing in technology from our side because they're all seeing the same kind of small impact on their material cost, but it's not translating into any kind of impact on our business because the people have to get their jobs done.

so they're still investing in technology from our side because they're all seeing the same kind of small impact in their material costs but it's not translating into any kind of impact on our business because the people have to get their job done


And it could have been more or less kind of depending on the weather in general. If it's dry all the way through Christmas, we tend to just keep moving along and it could be substantially different than what it was.

and it could have been more or less kind of depending on the weather in general if it's dry all the way through christmas we tend to just keep moving along and it could be substantially different than what it was


With regard to the consumer portfolio, we could see increased pricing competition as the improvement in quality of consumer loans consolidates and a more dynamic growth increases the share of newly priced loans in our mix.

with regard to the consumer portfolio we could see increased pricing competition as the improvement in quality of consumer loans consolidates and the more dynamic growth increases the share of newly priced loans in our mix


We have begun the internal qualification for a process of all the equipment and still expect to be qualified and in production using our 6-inch wafers by the end of this calendar year.

we have begun the internal qualification for a process of all the equipment and still expect to be qualified and in production using our 6-inch wafers by the end of this calendar year


in terms of working all your way through the screening process. And here we are on November 8 or 9, I think you get a sense of when that might have happened.

in terms of working all your way through the screening process and here we are on november 8 or 9 i think you get a sense of when that might have happened


And now, turning to the South Beach Diet. We're learning a lot about the brand and its potential in our initial year of launch. South Beach is enabling us to broaden our reach and onboard new consumers onto our platform.

and now turning to the south beach diet we're learning a lot about the brand and its potential in our initial year of launch south beach is enabling us to broaden our reach and onboard new consumers onto our platform


Thank you all for participating and your interest in Park City Group. our numbers are in the bottom of the press release. Please feel free to contact any of us if you have any additional questions. Thank you.

thank you all for participating and your interest in park city group our numbers are in the bottom of the press release please feel free to contact any of us if you have any additional questions thank you


And finally, while the broader economic environment is challenging, we've made a good start to the second half of the financial year and we're confident in the outcome for the full year.

and finally while the broader economic environment is challenging we've made a good start to the second half of the financial year and we're confident in the outcome for the full year


out a process solution that might be viewed as more entry level, more of their first step into automation, and we want to make sure that we provide that solution to that customer base.

out a process solution that might be viewed as more entry level more of their first step into automation and we want to make sure that we provide that solution to that customer base


it doesn't have the ability to handle new menu news or even use price because of that simple menu, and those are 2 tools that you used with great effect in the past. And so I think people are having a hard time understanding

it doesn't have the ability to handle new menu news or even use price because of that simple menu and those are 2 tools that you used with great effect in the past and so i think people are having a hard time understanding


I want to especially thank our global team for all of their great work during this transition to help more than 35 million people around the world to realize their potential.

i want to especially thank our global team for all of their great work during this transition to help more than 35 million people around the world to realize their potential


Microsoft, it looks like it's about half of your backlog. So could you just talk about into your visibility with future projects with them? And would you expect them to be in digest mode for the next little bit?

microsoft it looks like it's about half of your backlog so can you just talk about it to your visibility with future projects with them and do you expect them to be in digest mode for the next little bit


we're continuing to generate the cash flow. As I said, if we want to grow at 10%, we can grow at the 10%. So what I think people ought to be concerned about is what's happening in the underlying business.

we're continuing to generate the cash flow as i said if we want to grow at 10% we can grow at the 10% so what i think people ought to be concerned about is what's happening in the underlying business


This gives cloud providers the opportunity of being able to deploy capacity in a more staggered fashion with waves of deployment rippling through Europe over the duration of a cycle.

this gives cloud providers the opportunity of being able to deploy capacity in a more staggered fashion with waves of deployment rippling through europe over the duration of the cycle


I would say a lot of that in the second quarter had to deal with the types of traffic that we're taking on. There was a significant portion of long-distance traffic, which, as you know, is a very low-margin business because there is

i would say a lot of that in the second quarter had to do with the types of traffic that we're taking on there was a significant portion of long-distance traffic which as you know is a very low-margin business because there is


and commercial markets through our participation in early April at the DefExpo 18 India show. Our superior microdisplay performance was of great interest

and commercial markets through our participation in early april at the def expo '18 india show our superior microdisplay performance was of great interest


with a big portion of profit-sharing agreements has created an invaluable buffer of income in poor markets and plenty of upside going forward.

with a big portion of profit-sharing agreements has created an invaluable buffer of income in full market and plenty of upside going forward


But we saw volume improve over the course of the quarter as we increased our marketing spend, and we ended the year on a strong note. And while the first quarter is always a seasonably slow quarter for us,

but we saw volume improve over the course of the quarter as we increased our marketing spend and we ended the year on a strong note and while the first quarter is always a seasonably slow quarter for us


And we are certainly already seeing reorders. During the first quarter of 2018, we continue to see move-out into the clinics at approximately the same rate as what we saw in the first month.

and we are certainly already seeing reorders during the first quarter of 2018 we continue to see move out into the clinics at approximately the same rate as what we saw in the first month


the dog market. Now there are more cats than dogs, but in general, cats don't like to go to the veterinarian, as I'm reminded every time I try to take my mother's cat to the veterinarian to have its claws trimmed.

the dog market now there are more cats than dogs but in general cats don't like to go to the veterinarian as i'm reminded every time i try to take my mother's cat to the veterinarian to have its claws trimmed


Due to these market conditions, coal utilization has dropped noticeably in the first few months as compared to 2015. The question we're wrestling with is whether this is a temporary change

due to these market conditions coal utilization has dropped noticeably in the first few months as compared to 2015 the question we're wrestling with is whether this is a temporary change


I would say a couple of things, the first is really important. The number of people we've lost that we'd have liked to have kept, you can count on the fingers of one hand,

i would say a couple of things the first is really important the number of people we've lost that we'd have liked to have kept you can count on the fingers of one hand


but I cannot comment specifically on that until we do the deal. So it's certainly a segment we would like to have more exposure to, but it's all about doing the right deals.

but i cannot comment specifically on that until we do the deal so it's certainly a segment we would like to have more exposure to but it's all about doing the right deals


that as a telecom operator, we have decided to embark in mobile financial services. There is a lot of synergies, and so this is going to be built over time. But honestly, I think for all of you,

that as a telecom operator we have decided to embark in mobile financial services there is a lot of synergies and so this is going to be built over time but honestly i think for all of you


the different segments or components within there. But if I remember from a year or so ago, Scepter had kind of got off to a slow start. And I just wanted to get a sense of perhaps

the different segments or components within there but if i remember from a year or so ago sceptre had kind of got off to a slow start and i just wanted to get a sense of perhaps


I would also like to remind you that while we think that our prospects for continued growth and performance are good, it is our policy not to establish with the markets any formal earnings, margin or balance sheet guidance.

i would also like to remind you that while we think that our prospects for continued growth and performance are good it is our policy not to establish with the markets any formal earnings margin or balance sheet guidance


Returns on Correspondent Production improved to a 63% pretax annualized return on equity, as a result of increased locks

returns on correspondent production improved to a 63% pretax annualized return on equity as a result of increased locks


But they have just done, once again, a terrific job on profit execution, focusing on niche markets where they can go get some growth, and we really like this business for the long term.

but they have just done once again a terrific job on profit execution focusing on niche markets where they can go get some growth and we really like this business for the long term


ATLAS' robust biological readout, in other words, may ensure better use of checkpoint inhibitors as well as enable better vaccines and cell therapies.

atlas's robust biological readouts in other words may ensure better use of checkpoint inhibitors as well as enable better vaccines and cell therapies


Thank you, William, and thanks to all of you who are joining us this afternoon. Within the past hour, we issued our Q4 press release and also posted some slides that we'll be referring to on today's conference call.

thank you william and thanks to all of you who are joining us this afternoon within the past hour we issued our q4 press release and also posted some slides that we'll be referring to on today's conference call


And that's a little more expensive model, I think, to run, but I think it also produces some benefits in terms of the kind of deposit base that we have and

and that's a little more expensive model i think to run but i think it also produces some benefits in terms of the kind of deposit base that we have and


It should allow us to expand our MRO and consumable products business and is a good example of the expert knowledge and enhanced services we are bringing to our customers.

it should allow us to expand our mro and consumable products business and is a good example of the expert knowledge and enhanced services we are bringing to our customers


and disclaims any intent to update publicly any forward-looking statements, whether in response to new information, future events or otherwise. Please note, this event is being recorded.

and disclaims any intent to update publicly any forward-looking statements whether in response to new information future events or otherwise please note this event is being recorded


which was primarily associated with the change in scope of services with our largest account, we strongly believe these acquisitions have provided and will continue to provide shareholder growth and returns.

which was primarily associated with the change in scope of services with our largest account we strongly believe these acquisitions have provided and will continue to provide shareholder growth and returns


Second, more overhead reductions from lower indirect costs, savings from our global shared services and organizational efficiency. And third, improved revenue mix.

second more overhead reductions from lower indirect costs savings from our global shared services and organizational efficiency and third improved revenue mix


piece of it, on the video side, that content is variable with regard to the packages that we sell. But I also think there's some opportunity going forward to be variable with regard to within the packages. And I think,

piece of it on the video side that content is variable with regard to the packages we sell but i also think there's some opportunity going forward to be variable with regard to within the packages and i think


on some applications and it just makes sense for us to become just one team and being guided in one direction and making sure both had the same level of priority

on some applications and it just made sense for us to become just one team and being guided in one direction and making sure both had the same level of priority


for the risk of supine hypertension in the evening. Both therapies need to be administered at least 3 hours before patients lie down to prevent the risk of overshooting on blood pressure.

for the risk of supine hypertension in the evening both therapies need to be administered at least 3 hours before patients lie down to prevent the risk of overshooting on blood pressure


Moving to our business results and starting on Slide 5, I'll discuss the comparative results excluding the market-driven and discrete items that I mentioned earlier.

moving to our business results and starting on slide 5 i'll discuss the comparative results excluding the market-driven and discrete items that i mentioned earlier


That's my first question. And my second question regarding your Tissue business margin. We saw compression in the fourth quarter mostly explained by currencies, but there were some additional costs as well. If you can comment

that's my first question and my second question regarding your tissue business margins we saw compression in the fourth quarter mostly explained by currencies but there were some additional costs as well if you can comment


We know the importance of strong partnerships with national brands and saw some great successes in Q3 through our partnerships with SodaStream, Instant Pot, Lagostina and The Rock Cookware.

we know the importance of strong partnerships with national brands and saw some great successes in q3 through our partnerships with soda stream instapot langostina and the rock cookware


you never know totally if you're at the top of the cycle or not. I think we have not emerged in Alberta yet from this recession, for sure, but we don't really -- we're not seeing

you never know totally if you're at the top of the cycle or not i mean i think we have not emerged in alberta yet from this recession for sure but we don't really -- we're not seeing


Our log costs decreased substantially in the first quarter as Western and Canadian log costs declined and the benefit of lower fourth quarter log costs was also included in our financial results.

our log cost decreased substantially in the first quarter as western and canadian log cost declined and the benefit of lower fourth quarter log cost was also included in our financial results


We have 12 million shares remaining from the current authorization and will continue to repurchase stock to offset dilution from stock option exercises and based on the internal valuation of the stock.

we have 12 million shares remaining from the current authorization and we'll continue to repurchase stock to offset dilution from stock option exercises and based on the internal valuation of the stock


Okay. Great. And then just shifting over to the Hearing Health, you sound a little more upbeat about it than you have in a little while. Can you talk about kind of what drove the turnaround in growth and the expected growth going forward?

okay great and then just shifting over to the hearing health you sound a little more upbeat about it than you have in a little while can you talk about kind of what drove the turnaround in growth and the expected growth going forward


The reason the provisions required for Central America were higher is because in Central America, the previous provision regime was based upon incurred losses instead of expected losses as it is in Colombia.

the reason the provisions required for central america were higher is because in central america the previous provision regime was based upon incurred losses instead of expected losses as it is in colombia


The result of SPX -- the results of SPX FLOW are reported as discontinued operations this quarter. We're also reporting under our new segment structure for the first time.

the result of spx -- the results of spx flow are reported as discontinued operations this quarter we're also reporting under our new segment structure for the first time


We have sold and installed our first displays in this family and feels this brings opportunities to expand our business, especially in developing markets in parts of Asia and other regions.

we have sold and installed our first displays in this family and feel this brings opportunities to expand our business especially in developing markets in parts of asia and other regions


driven by high-performing investment franchises well positioned for the current market environment, a range of specialty offerings with broad and growing market appeal and strong distribution and client service.

driven by high-performing investment franchises well positioned for the current market environment a range of specialty offerings with broad and growing market appeal and strong distribution and client service


As we have said, regulatory changes, competition and consolidations within the health care and financial services industries will continue to create opportunities and challenges for us.

as we have said regulatory changes competition and consolidations within the health care and financial services industries will continue to create opportunities and challenges for us


better occupancy. The Pope's visit was really 2 days and Philadelphia had effectively shut down the city, so it made it very difficult and we had a lot of room cancellations across the city.

better occupancy the pope's visit was really 2 days and philadelphia had effectively shut down the city so it made it very difficult and we had a lot of room cancellations across the city


and as we take on these actions, it is also our job to maintain a strong balance sheet and to be positioned to act on value-enhancing opportunities as they present themselves.

and as we take on these actions it is also our job to maintain a strong balance sheet and to be positioned to act on value-enhancing opportunities as they present themselves


For millennials, this really gives them the best of both worlds, the highest cash-back, no monthly fees, a great mobile experience and then access to a digital credit solution will be far easier to manage than borrowing on a credit card.

for millennials this really gives them the best of both worlds the highest cash back no monthly fees a great mobile experience and then access to a digital credit solution will be far easier to manage than borrowing on a credit card


reset the brand and be more reflective of the brand we're aspiring to be and also, as I mentioned in my remarks, be more cognizant of the fact that we have a big wholesale business. And when we

reset the brand and be more reflective of the brand we're aspiring to be and also as i mentioned in my remarks be more cognizant of the fact that we have a big wholesale business and when we


When our visibility went to 0, we could not remain comfortable with our political guidance, and we, therefore, communicated our honest assessment by withdrawing that guidance.

when our visibility went to 0 we could not remain comfortable with our political guidance and we therefore communicated our honest assessment by withdrawing that guidance


significantly where they were in '12. Wisconsin, we have one of the small markets there, saw basically no spending in what was supposed to be a very contentious race. And then as you may know, the

significantly added where they were in '12 wisconsin we have one of the small markets there so basically no spending in what was supposed to be a very contentious race and then as you may know the


We've got a technology that allows our customers to run their units better and make more money. And that's what's driving our penetration in that market. Let me add one other point on that, Hudson. And we have a local

we've got a technology that allows our customers to run their units better and make more money and that's what's driving our penetration in that market yes let me add one other point on that hudson and we have a local


Given the significant uncertainty and headwinds Truckload and Intermodal face this year, clarity on growth would be extremely helpful. Also, how much are you baking in for a downturn in economic conditions?

given the significant uncertainty and headwinds truckload and intermodal face this year clarity on growth would be extremely helpful also how much are you baking in for a downturn in economic conditions


With respect to our Texas rate case, on July 21, 2016, we filed an unopposed settlement with the Public Utility Commission of Texas after continuing to work with all intervenors in the case.

with respect to our texas rate case on july 21 2016 we filed an unopposed settlement with the public utility commission of texas after continuing to work with all interveners in the case


more innovative, more strategic thinking, people with better technical backgrounds. So we're looking at this as a great opportunity so we'll use attrition to be able to fill these roles that we see for the future.

more innovative more strategic thinking people with better technical backgrounds so we're looking at this as a great opportunity so we'll use attrition to be able to fill these roles that we see for the future


that our molecule offers. Going back to the first section of your answer, I think that this is also pointing to the amount of innovation that Compugen generated

that our molecule offers going back to the first section of your answer i think that this is also pointing to the amount of innovation that compugen generated


yet, that's largely come at the expense of the mid-tier brands. And so the new dynamic is making sure that Valvoline is working closely with the retailers on achieving the right balance between

yes that's largely come at the expense of the mid-tier brands and so the new dynamic is making sure that valvoline is working closely with the retailers on achieving the right balance between


to -- and we want to become a platform company, as you do know, both for the enterprise as well as supply chain as well as even future marketplace usage.

to -- and we want to become a platform company as you do know both for the enterprise as well as supply chain as well as even future marketplace usage


We will continue to make major investments into 3 areas, which we believe underpins the business model of Julius Baer. First,

we will continue to make major investments into 3 areas which we believe underpins the business model of julius baer first


Gilles has taken you through the main aspects of the market development and the business performance. On the following slides, I would like to focus on the financial performance of the 2 divisions and the group.

gilles has taken you through the main aspects of the market development and the business performance on the following slides i would like to focus on the financial performance of the 2 divisions and the group


a smoother startup. So I'll give you more detail as we get closer to the startup. But yes, I think you'll see a little bit of flexibility on the capacity and the way we start that unit up.

a smoother startup so i'll give you more detail as we get closer to the startup but yes i think you'll see a little bit of flexibility on the capacity and the way we start that unit up


The second area of focus is developing efficient tools for our advertisers. We know that in order to truly scale our business, advertising on Snapchat has to be really easy.

the second area of focus is developing efficient tools for our advertisers we know that in order to truly scale our business advertising on snapchat has to be really easy


So let me comment on the first question. So we did comment on the underlying drivers for the spike-up that we did see in the fourth quarter, and we did share how we're thinking internally about the Q1 dynamics.

so let me comment on the first question so we did comment on the underlying drivers for the spike up that we did see in the fourth quarter and we did share how we're thinking internally about the q1 dynamics


And they have really worked hard to drive and control our overall IT infrastructure cost. So we have seen help from that in this fiscal year and I think we'll anticipate that going forward.

and they have really worked hard to drive and control our overall it infrastructure cost so we have seen help from that in this fiscal year and i think we anticipate that going forward


Joe, can you talk about the incremental changes that you're contemplating for LSI? And what we can expect where you would focus more on?

joe can you talk about the incremental changes that you're contemplating for lsi and what we can expect where you would focus more on


Now you might be wondering why we are not updating our 2018 ongoing operations guidance ranges given the year-to-date performance that has exceeded expectations embedded in the May guidance.

now you might be wondering why we are not updating our 2018 ongoing operations guidance ranges given the year-to-date performance that has exceeded expectations embedded in the may guidance


Thank you. Thank you for attending our call today. I want to thank our customers, our employees and our investors. As HMS continues to focus on containing healthcare costs in our nation,

thank you thank you for attending our call today i want to thank our customers our employees and our investors as hms continues to focus on containing health care costs in our nation


When the program is complete, we expect to have approximately 300 employees and we also anticipate that we'll have transferred more of our engineering responsibilities from the Philippines to Poland

when the program is complete we expect to have approximately 300 employees and we also anticipate that we'll have transferred more of our engineering responsibilities from the philippines to poland


greenfield opportunities around mobile carriers, they tend to make a decision a little bit faster than some of the other telco and cable operators we've worked with.

greenfield opportunities around mobile carriers they tend to make a decision a little bit faster than some of the other telco and cable operators we've worked with


Now as you look at the income statement, I want to remind you to bear in mind the impact of accounting for the gains or losses on our deferred compensation plan assets,

now as you look at the income statement i want to remind you to bear in mind the impact of accounting for the gains or losses on our deferred compensation plan assets


with growth rates and seasonality consistent with recent years. Our objective is to continue to outperform the MH market by capitalizing on our breadth of product and focusing on expansion and acquisition strategies.

with growth rates and seasonality consistent with recent years our objective is to continue to outperform the mh market by capitalizing on our breadth of product and focusing on expansion and acquisition strategies


While significant road construction negatively impacted business at Club Fortune in Nevada, that construction was completed in late October and the property is now performing well.

while significant road construction negatively impacted business at club fortune in nevada that construction was completed in late october and the property is now performing well


which itself causes other kinds of damage not related to vasculitis. The reason that steroids are such a problem is also the reason that in clinical practice, they have to be tapered.

which itself causes other kinds of damage not related to vasculitis the reason that steroids are such a problem is also the reason in clinical practice they have to be tapered


the company is doing what makes sense. They're creating a large funnel. They're picking through the funnel. They're looking to add other loan programs on to make utilization of some of those other lead flows.

the company is doing what makes sense they're creating a large funnel they're picking through the funnel they're looking to add other loan programs on to make utilization of some of those other lead flows


better solutions for e-commerce, this is a great space for us to be in. We need to be nimble. We need to bring the best technological solutions to our customers every day.

better solutions for e-commerce this is a great space for us to be in we need to be nimble we need to bring the best technological solutions to our customers every day


We began incurring interest expense on this new debt as of January 15. And we'll treat this expense as a noteworthy item, net of interest income earned, until the closing of the transaction.

we began incurring interest expense on this new debt as of january 15 and will treat this expense as a noteworthy item net of interest income earned until the closing of the transaction


Many factors could cause the current results, performance or achievements of Bolsa to be somewhat different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements,

many factors could cause the current results performance or achievements of bolset to be somewhat different from any future results performance or achievements that may be expressed or implied by such forward-looking statements


this year. Nevertheless, the consumption level regarding the production potential is

this year nevertheless the consumption level regarding the production potential is


In closing, I'd like to thank our employees who are at the heart of Clearwater Paper for their commitment to always making our operation safer and more efficient, while keeping a sharp focus on the needs of our customers.

in closing i'd like to thank our employees who are at the heart of clearwater paper for their commitment to always making our operations safer and more efficient while keeping a sharp focus on the needs of our customers


And finally, we're continuing to face challenging economic conditions within International, including a more difficult pricing environment and a longer recovery period in Argentina.

and finally we're continuing to face challenging economic conditions within international including a more difficult pricing environment and a longer recovery period in argentina


And that hasn't had a customer impact yet as you look at a lot of that is internal work and so our customer satisfaction, our demand is being met, but the backlog did improve

and that hasn't had a customer impact yet as you look at -- a lot of that is internal work and so our customer satisfaction our demand is being met but the backlog did improve


we do not expect to file the K before the SEC deadline of March 16. As a result, the company has requested from NASDAQ

we do not expect to file the k before the sec deadline of march 16 as a result the company has requested from nasdaq


these stores are outperforming and driving stronger retail sales growth than in our independents. So as we look ahead to the multiyear implementation of this initiative in our independent NAPA stores,

these stores are outperforming and driving stronger retail sales growth than in our independents so as we look ahead to the multiyear implementation of this initiative in our independent napa stores


earnings release and throughout this call, will be utilizing this terminology to differentiate between what is recurring subscription revenue and what is other lumpy and nonsubscription in nature.

earnings release and throughout this call we'll be utilizing this to differentiate between what is recurring subscription revenue and what is other lumpy and non-subscription in nature


a regionally based sales force, and sales enablement technology, all of these investments are providing the cumulative impact on sales and revenue upon which this strategy is predicated.

a regionally based sales force and sales enablement technology all of these investments are providing the cumulative impact on sales and revenue upon which this strategy is predicated


So that in my view on the macro. Now how it translates to earnings, equity performance I think it's something we got to watch. So this is a warm water cycle right

so that is my view on the macro now how it translates to earnings equity performance i think it's something we got to watch so this is a long water cycle right now


the economy around the world and whether any of those economies have, if you will, more demand for construction materials or construction labor than

the economy and -- around the world and whether any of those economies have if you will more demand for construction materials or construction labor than


My comments which follow are on an adjusted and constant currency basis. Q4 results reflected strong asset and deposit growth in the Pacific Alliance,

my comments which follow are on an adjusted and constant currency basis q4 results reflected strong asset and deposit growth in the pacific alliance


I'll now turn to the Other segment on Slide 14, which incorporates the results of Group Treasury, smaller operating units and certain corporate adjustments.

i'll now turn to the other segment on slide 14 which incorporates the results of group treasury smaller operating units and certain corporate adjustments


this is incredibly difficult to provide the market with apples-to-apples comparability across those metrics and the ability to de-duplicate audiences across platforms. So it's a very high bar.

this is incredibly difficult to provide the market with apples-to-apples comparability across those metrics and the ability to deduplicate audiences across platforms so it's a very high bar


people may use slightly different expressions, but the thinking and the culture are the same because we share the same language. However, in Southeast Asia, language is the biggest problem.

people may use slightly different expressions but the thinking and the culture are the same because we share the same language however in southeast asia language is the biggest problem


The health benefits realized from even modest weight loss are significant and we're committed to helping consumers achieve their health oriented goals through a platform of solutions and programs that can be tailored to what works best for them.

the health benefits realized from even modest weight loss are significant and we're committed to helping consumers achieve their health-oriented goals through a platform of solutions and programs that can be tailored to what works best for them


which has been done by a number of our peers in the Canadian public real estate space. So we do believe

which has been done by a number of our peers in the canadian public real estate space so we do believe


Our comments also include non-GAAP measures. Reconciliations to the nearest corresponding GAAP measures are in our earnings release available on our website.

our comments also include non-gaap measures reconciliations to the nearest corresponding gaap measures are in our earnings release available on our website


We expect it will last around 30 minutes, and we'll provide you will both a qualitative and quantitative summary of the most significant events in the period, plus an outlook of our expectations and estimates for this year.

we expect it will last around 30 minutes and we'll provide you with both qualitative and quantitative summary of the most significant events in the period plus an outlook of our expectations and estimates for this year


the centrality of technology to the strategy of these enterprises and the fact that Trimble has many touch points of relevancy to that, really, is the change.

the centrality of technology to the strategy of these enterprises and the fact that dremel has many touch points of relevancy to that really is the change


I know I say it on each call, but the excitement, the pride and the confidence we feel growing at these events get stronger each time, which leads me to believe that our future is brighter than ever.

i know i say it on each call but the excitement the pride and the confidence we feel growing at these events gets stronger each time which leads me to believe that our future is brighter than ever


We have made tough decisions to divest certain businesses and product lines, reduce costs and get out of certain geographies, while at the same time making strategic acquisitions.

we've made tough decisions to divest certain businesses and product lines reduce costs and get out certain geographies while at the same time making strategic acquisitions


Our press release, which contains the financial and other quantitative information to be discussed today as well as a reconciliation of non-GAAP to GAAP measures is also available on our website.

our press release which contains the financial and other quantitative information to be discussed today as well as a reconciliation of non-gaap to gaap measures is also available on our website


I think you might see a reverse on those and you staying closer to the wellhead and getting more turns per day on the trucks. I think that's going to be a differentiator and people are going to have to really

i think you might see a rebirth on those and you sand closer to the wellhead and getting more turns per day on the trucks i think that's going to be a differentiator and people are going to have to really


This is the -- when I joined the company 16 months ago, most of our supported -- our production was supported from a limited number of high-production wells within the Tawke field.

this is the what -- when i joined the company 16 months ago most of our supported -- our production was supported from a limited number of high production wells within the torquay field


these are clearly small numbers if you compare this to HBVS where clearly you will have to study much, much larger

these are clearly small numbers if you compare this to hbvs where clearly you will have to study much much larger


Financial results in our earnings release are unaudited and our remarks include forward-looking statements that are subject to the risks and uncertainties that we discuss in detail in our documents filed with the SEC,

financial results in our earnings release are unaudited and our remarks include forward-looking statements that are subject to the risks and uncertainties that we discuss in detail in our documents filed with the sec


In the fourth quarter, our labor productivity continued to improve sequentially, offsetting wage inflation, with slightly higher factory costs due primarily to higher benefit expense versus the prior year.

in the fourth quarter our labor productivity continued to improve sequentially offsetting wage inflation with slightly higher factory cost due primarily to higher benefit expense versus the prior year


conservative than the strategy that both of the banks have adopted, and we are counting on both banks being able to deliver on their strategies.

conservative than the strategy that both of the banks have adopted and we are counting on both banks being able to deliver on their strategies


We discussed this in detail on our last earnings call. During Q3, we made the decision to maintain strong short-term profitability in the face of heavy demand from new customers.

we discussed this in detail on our last earnings call during q3 we made the decision to maintain strong short-term profitability in the face of heavy demand from new customers


This trend has significantly increased at the start of the fourth quarter, as evidenced by record production in October, which by itself, nearly doubled the new business premium written during the entire third quarter.

this trend has significantly increased at the start of the fourth quarter as evidenced by record production in october which by itself nearly doubled the new business premium written during the entire third quarter


hundreds of discrete things that are embedded in there that we could decide to delay or go forward with in the time frame that we're planning for. So

hundreds of discrete things that are embedded in there that we could decide to delay or go forward with in the time frame that we're planning for so


We also saw a reduction in the number of companies on nonaccrual. During the first quarter, we had 3 companies come off of nonaccrual compared to one new nonaccrual investment.

we also saw a reduction in the number of companies on nonaccrual during the first quarter we had 3 companies come off of nonaccrual compared to 1 new nonaccrual investment


because projects do get delayed and it becomes very difficult. And if it isn't in backlog, it's a pretty tough one to predict for the next quarter whether it would fall into that. We do, however, from time to time

because projects do get delayed and it becomes very difficult if it isn't in backlog that's a pretty tough one to predict for the next quarter whether it would fall in or not we do however from time to time


Yes. I mean I guess kind of I understand the internal accounting points, but that's kind of just how it's represented between the divisions. But if I look at the group

yes i mean i guess kind of i understand the internal accounting point but that's kind of just how it's represented between the divisions but if i look at the group


I'm especially pleased with the progress in our EWP segment as engineering a turnaround in this business was one of my first priorities after assuming the COO role last January.

i'm especially pleased with the progress in our ewp segment as engineering a turnaround in this business was one of my first priorities after assuming the coo role last january


how to sell these handsets will have to be considered and this is going to hold the key. And actually we are continuing our studies into this matter right now. And

how to sell those handsets will have to be considered and this is going to hold the key and actually we are continuing our studies into this matter right now and


I also talked before about Power Systems and service and the massive installed base we have out there and how we aim to do a much better job on service in our Power Systems business

i also talked before about power systems and service and the massive installed base we have out there and how we aim to do a much better job on service in our power systems business


The high level of DDA deposits has been maintained since the inception of the bank, and will continue to mitigate potential increases in the overall cost of funds if rates continue to increase.

the high level of dda deposits has been maintained since the inception of the bank and will continue to mitigate potential increases in the overall cost of funds if rates continue to increase


While this facility cannot be used for other purposes, it allows us to maintain flexibility with excess cash on hand and cash generated from operations to fund strategic investments and capital returns.

while this facility cannot be used for other purposes it allows us to maintain flexibility with excess cash on hand and cash generated from operations to fund strategic investments and capital returns


Thanks, Paul, and good morning, everyone. Thanks for joining us on today's call as we review a few recent announcements, along with our fourth quarter highlights.

thanks paul and good morning everyone thanks for joining us on today's call as we review a few recent announcements along with our fourth quarter highlights


Partially offsetting the increases to revenue on a year-over-year basis was the expiration of managed-only and underperforming contracts with Texas and the District of Columbia.

partially offsetting the increases to revenue on a year-over-year basis was the expiration of manager-only and underperforming contracts with texas and the district of columbia


Okay. And then presumably, that will grow at some level sequentially after that? Or do you feel like you're getting to the point where most of that fast growth is behind you?

okay and then presumably that will grow at some level sequentially after that or do you feel like you're getting to the point where most of that fast growth is behind you


if we were Calix, the broadband access is just some sort of box company without any of our platforms and we were confronted with the quarter that we were just confronted with,

if we were calx the broadband access systems sort of box company without any of our platforms and we were confronted with a quarter that we were just confronted with


Both Boeing and Airbus recently increased their outlook for long-term demand for airframes, and Kaiser is very well positioned to participate in the long-term growth with our customers.

both boeing and airbus recently increased their outlook for long-term demand for airframes and kaiser is very well positioned to participate in the long-term growth with our customers


or somewhere in between. It could be small companies that don't have the cash that end up giving us a piece of equity in their business and milestones and royalties as they develop the products.

or somewhere in between it could be small companies that don't have the cash and end up giving us a piece of equity in their business and milestones and royalties as they develop the products


So we've made expenditures in a number of different areas that are already embedded in our run rate,

so we've made expenditures in a number of different areas that are already embedded in our runway -- run rate


that I see that can follow the growth rate that we've seen in Mexico and the food side, certainly, we've been excited about what we've seen from the Mexican consumer. And of course, Colombia

that i see that can follow the growth rate that we've seen in mexico and the food side certainly we've been excited about what we've seen from the mexican consumer and of course colombia


Regarding our outlook, it remains promising that we have seen smaller accounts and our local accounts continuing to grow and, in particular, residential construction continues to perform well.

regarding our outlook it remains promising that we have seen smaller accounts and our local accounts continuing to grow and in particular residential construction continues to perform well


to emerge in the next number of few months. I can't really say very much about it at this point in time. But I would say that there is a

to emerge in the next number of few months i can't really say very much about it at this point in time but i would say that there is a


We're pleased that our shares have stabilized and were roughly flat for the first half. You should note that these revenue growth numbers include the negative impact of the malware incident.

we're pleased that our shares have stabilized and were roughly flat for the first half you should note that these revenue growth numbers include the negative impact of the malware incident


But I will repeat what Curtis just said. We are not anticipating that we are going to repeat the execution issues that we encountered in the first quarter

but i will repeat what curtis just said we are not anticipating that we are going to repeat the execution issues that we encountered in the first quarter


companies in their target market. The team has developed a strong pipeline of investment opportunities which they are currently evaluating for Q3 and Q4 of this year.

companies in their target market the team has developed a strong pipeline of investment opportunities which they are currently evaluating for q3 and q4 of this year


also the community and the sustainability of the entire business. So I think it is the right industrial logic, and we peg our basis on that. So we are in construction and

also the community and the sustainability of the entire business so i think it is the right industrial logic and we peg our basis on that so we are in construction


in the second half of 2017. We remain on track to meet our supply objectives for the back half of this year and beyond and look forward to leveraging this unique technology

in the second half of 2017 we remain on track to meet our objectives for the back half of this year and beyond and look forward to leveraging this unique technology


the strategy has also been consistent. There are parts of the marketplace where we may be motivated to acquire something because of speed to market

the strategy has also been consistent there are parts of the marketplace where we may be motivated to acquire something because of speed to market


less overlap than we thought, which is quite positive. Look, the -- I think the best way to respond to that is our attraction to this company was entirely based on its scientific reputation.

less overlap than we thought which is quite positive look the -- i think the best way to respond to that is our attraction to this company was entirely based on its scientific reputation


of the new MTY. It offers our franchisees the opportunity to increase their leverage with goods and services, which will then enable them to be more profitable.

of the new mty it offers our franchisees the opportunity to increase their leverage for goods and services which will enable them to be more profitable


The conference is attended by existing clients as well as prospects. And on all fronts, the feedback on our offering was clear. No one is better in this space when it comes to technology and service quality.

the conference is attended by existing clients as well as prospects and on all fronts the feedback on our offering was clear no one is better in the space when it comes to technology and service quality


one is price and the second is supply chain realignment. In supply chain, you'll see everything from us that we're already in process of implementing from

one is price and the second is supply chain realignment in supply chain you'll see everything from us that we're already in process of implementing from


And then basically what we've talked about in terms of our improvement initiatives are starting to take hold. I think the team there has done a nice job.

and then basically what we've talked about in terms of our improvement initiatives are starting to take hold i think the team there has done a nice job


and our marketing force is working as hard as they can, the problem is the people are buying more loosely or maybe they're trying to grow and so they're lowering their prices, this isn't the market where we want to compete in that sort of area.

in our marketing force working as hard as they can the problem is that people are buying more loosely or maybe they're trying to grow and so they're lowering their prices this isn't the market where we want to compete in that sort of area


all in this line of revenue. We do continue to have some headwinds from decreased implementation revenue due to the vast majority of our core installs are electing our outsourcing model,

all in this line of revenue we do continue to have some headwinds from decreased implementation revenue due to the vast majority of our core installs are electing our outsourcing model


and so you really didn't get the full impact of the new cracker being up. So the new cracker is probably our lowest increment of cost as we think about our value chain

and so you really didn't get the full impact of the new cracker being up so the new cracker is probably our lowest increment of cost as we think about our value chain


many of these fuels are still in the design phase, and there's still a lot of unknowns in that area. And when you think about marine fuel blends, how challenging the issues of compatibility and stability

many of these fuels are still in the design phase and there's still a lot of unknowns in that area and when you think about marine fuel blends how challenging the issues of compatibility and stability


Please turn to Page 8 of the materials. As I explained before, while continuing to invest and maintaining our overall investment balance in the resource field,

please turn to page 8 of the materials as i explained before while continuing to invest and maintaining our overall investment balance in the resource field


as a result of the capital structure we have in the current price environment. We are currently evaluating alternatives to improve our balance sheet. We will update you as these initiatives materialize.

as a result of the capital structure we have in the current price environment we are currently evaluating alternatives to improve our balance sheet we will update you as these initiatives materialize


So in general, we're just starting to go through the budgeting process with each of the decisions so it's kind of hard to have a point of view as far as where we're going to land on this. I know we're going to be giving

so in general we're just starting to go through the budgeting process with each of the divisions and so it's kind of hard to have a point of view as far as where we're going to land on this i know we're going to be giving


The increase in income from operations is primarily due to higher revenues and the expansion of margins. While costs and expenses increased from higher staffing costs associated with supporting the new and existing client growth,

the increase in income from operations is primarily due to higher revenues and the expansion of margins while cost and expenses increased from higher staffing costs associated with supporting the new and existing client growth


We have seen an overwhelming increase in the retailers, contractors and other partners who have visited Trex University since it launched in early March of this year.

we have seen an overwhelming increase in the retailers contractors and other partners who have visited trex university since it launched in early march of this year


As a result, we believe Nexus will be a requisite addition to the operating room as it delivers demonstrated clinical benefits at a compelling value proposition for hospitals, outpatient clinics and patients.

as a result we believe nexus will be a requisite addition to the operating room as it delivers demonstrated clinical benefits at a compelling value proposition for hospitals outpatient clinics and patients


So far, the feedback from our teammates and customers has been overwhelmingly positive. Our teammates are energized by the changes we have made in the stores and are proud of the actions Monro is taking

so far the feedback from our teammates and customers has been overwhelmingly positive our teammates are energized by the changes we have made in the stores and are proud of the actions monro is taking


that reinvest on a yearly basis and sustainability is definitely something that the consumer of yesterday, tomorrow and nowadays,

that we invest on a yearly basis and sustainability is definitely something that the consumer of yesterday tomorrow and nowadays


let's say, improvements, you have to do. So it takes a little bit longer than what as well I have to say, we expected, but I think, one has to expect.

let's say improvements you have to do so it takes a little bit longer than what as well i have to say we expected but i think one has to expect


What's behind that? Is it a shift in the demographics of your market into Medicare Advantage, which may be happening? Or do you think you're making strides with the private sector Medicare business

what's behind that is it a shift in the demographics of your market into medicare advantage which may be happening or do you think you're making strides with the private sector medicare business


The same can't be said for nursing homes being able to take the patients who are currently treated in our hospitals because those patients all require hospital-level care.

the same can't be said for nursing homes being able to take the patients who are currently treated in our hospitals because those patients all require hospital-level care


Beginning with this quarter, we're allocating all corporate costs with the exception of certain public companies and other executive level expenses, which will remain in the corporate segment.

beginning with this quarter we're allocating all corporate costs with the exception of certain public company and other executive level expenses which will remain in the corporate segment


Looking forward, after consecutive years of leaf tobacco supply and demand imbalance, global demand remains soft and may contribute to delays in some customer purchase and shipment timing decisions.

looking forward after consecutive years of leaf tobacco supply and demand imbalance global demand remains soft and may contribute to delays in some customer purchase and shipment timing decisions


in the short, medium term, gives us a tremendous base upon which to build the future of the organization. So strong resources and reserve position ongoing.

in the short medium term gives us a tremendous base upon which to build the future of the organization so strong resources and reserve position ongoing


of these licenses as many as you can reasonably do in a certain area so that it makes the commercial issues seamless into the future between the joint venture.


is your Record of Decision, are you're expecting that by the end of this quarter? And I was just going to ask that with your negotiations in taking up the option and then potentially selling down,

is your record of decision are you expecting that by the end of this quarter and i was just going to ask that with your negotiations in taking up the option and then potentially selling down


the economics around that is in the hands of others, and we're happy -- very happy to work with others to see another source of gas come into our or get hooked up to our system.

the economics around that is in the hands of others and we're happy very happy to work with others to see another source of gas come into our -- get hooked up to our system


We are also growing organically in the sense that we have plans to expand. And one of the greatest opportunities in front of us is the global expansion of these businesses as

we are also growing organically in the sense that we have plans to expand and one of the greatest opportunities in front of us is the global expansion of these businesses as


The long-term preconstruction pipeline continues to build, and we're finally beginning to see that core demand flow through to growth in project starts and our own shipments.

the long-term preconstruction pipeline continues to build and we're finally beginning to see that core demand flow through to growth in project starts and our own shipments


we want to better drive our own destiny and more effectively manage our exposure to market headwinds. That means change, real change, that I will talk about today and in the year ahead.

we want to better drive our own destiny and more effectively manage our exposure to market headwinds that means change real change that i will talk about today and in the year ahead


of incremental annual revenues by the end of next year and that does not include fixing the problems that we discussed that affect the second and third quarter.

of incremental annual revenues by the end of next year and that does not include fixing the problems that we've discussed that affect the second and third quarter


increased spending that you had referenced in the past, the fourth priority to be improving margins and then the comment that later this year, you should be able to improve margins.

the increased spending that you had referenced in the past the fourth priority to be improving margins and then they commented later this year you should be able to improve margins


increased organizational focus on customers is driving growth as each Luxfer salesperson is expected to reach out to at least 2 new customers every week.

increased organizational focus on customers is driving growth as each left-for-salesperson is expected to reach out to at least 2 new customers every week


Non-GAAP items are described and reconciled to GAAP results in today's press release and those and other reconciliations and supplemental detail are included at the end of the slide presentation, which again is available on our website.

non-gaap items are described and reconciled to gaap results in today's press release and those and other reconciliations and supplemental detail are included at the end of the slide presentation which again is available on our website


okay? You could argue that before the 2008 crisis it was an environment where clients believed in a bright future and therefore were holding less cash to create returns in the market.

okay you could argue that before the 2008 crisis it was an environment where clients believed in a bright future and therefore were holding less cash to create returns in the market


As both Gilles and I have previously commented, we continue to invest in our future with significant CapEx projects driven by the new flavors facility in India

as both gilles and i have previously commented we continue to invest in our future with significant capex projects driven by the new flavors facility in india


In the mature markets, we grew with a solid 4%, led by Japan, Spain and Italy. A strong contribution came also from northern Europe and Germany.

in the mature markets we grew with a solid 4% led by japan spain and italy a strong contribution came also from northern europe and germany


These statements may involve risks and uncertainties that could cause actual results to differ from expectations and that are fully -- that are described more fully in our filings with the SEC, which are also available on our website.

these statements may involve risks and uncertainties that could cause actual results to differ from expectations and that are fully -- that are described more fully in our filings with the sec which are also available on our website


Thanks, Curt. I'll transition to our outlook on Slide 11. Looking at the back half of the year, we expect our innovative specialty businesses will continue to grow strongly, improving product mix and accelerating our overall earnings growth.

thanks kurt i'll transition to our outlook on slide 11 looking at the back half of the year we expect our innovative specialty businesses will continue to grow strongly improving product mix and accelerating our overall earnings growth


So you're going to see us drive the execution as hard as we can. You're going to see us push results as hard as we can in this very tough environment. And we feel good about our way to fight our way through this and deliver growth next year.

so you're going to see us drive execution as hard as we can you're going to see us push results as hard as we can in a very tough environment and we feel good about our way to fight our way through this and deliver growth next year


We think this will continue as we build out additional capabilities such as dynamic custom audiences, conversion optimization and secondary objective optimization.

we think this will continue as we build out additional capabilities such as dynamic custom audiences conversion optimization and secondary objective optimization


We also continue to engage with a number of key partners, including our recent partnership with Microsoft to bring together Workforce Now and Microsoft Dynamics 365 Business Central

we also continued to engage with a number of key partners including our recent partnership with microsoft to bring together workforce now and microsoft dynamics 365 business central


we can bring that to life, and I think that is playing to our expertise. I think we can explain it. I believe that also plays to our expertise. And

we can bring that to life and i think that is playing to our expertise i think we can explain it i believe that also plays to our expertise and


So if at all, we are looking at a joint venture partner at some stage, and I'm not saying that we will, we keep options open. It'll be at the right time when it's got to the right value in the value curve, and it'll be on our terms.

so if at all we are looking at a joint venture partner at some stage and i'm not saying that we will we keep options open it'll be at the right time when it's got to the right value in the value curve and it'll be on our terms thank you


Thank you, and thanks for your attention and for your questions. And so this is a very good day for us, as it announces that we are moving to a different level of maturity as a new company.

thank you and thanks for your attention and for your questions and so this is a very good day for us as it announces that we are moving to a different level of maturity as a new company


We had another very good quarter. This is even after initiating our combined company guidance in May, which reflects higher forward curves and increased retail expectations,

we had another very good quarter this is even after initiating our combined company guidance in may which reflects higher forward curves and increased retail expectations


we are cautious in regard to both business activity levels and metal pricing in the fourth quarter of 2015. These factors, combined with 2 less shipping days in the fourth quarter,

we are cautious in regard to both business activity levels and metal pricing in the fourth quarter of 2015 these factors combined with 2 less shipping days in the fourth quarter


As part of our investment strategy for the future, we saw this growth developing and laid-in plans for a new Southern California facility to replace the current one we have outgrown.

as part of our investment strategy for the future we saw this growth developing in laid-in plans for a new southern california facility to replace the current one we have outgrown


We have always included transaction amortization in our earnings and have consistently challenged ourselves to overcome that cost through value creation in our acquisition. JLT doesn't change our perspective.

we have always included transaction amortization in our earnings and have consistently challenged ourselves to overcome that cost through value creation in our acquisitions jlt doesn't change our perspective


We spent the early part of the March quarter reloading our production pipeline and had a partial quarter of shipments in Q2. Current forecasts from our customers and recent tenders from carriers

we spent the early part of the march quarter reloading our production pipeline and had a partial quarter of shipments in q2 current forecast from our customers and recent tenders from carriers


It is pleasing over but on an operational side, underground, the mine is looking in much better shape than it has done for a very, very long time.

it is pleasing however that on an operational side underground the mine is looking in much better shape than it has done for a very very long time


Last month, we completed a major infrastructure overhaul with Databricks, giving us massively more processing and analytic capacity for the data that we're amassing.

last month we completed a major infrastructure overhaul with databricks giving us massively more processing and analytic capacity for the data that we're amassing


And in addition to that, we want to grow networking and wireless by refocusing our efforts on cloud and enterprise and drive down our cost structure in these areas.

and in addition to that we want to grow networking and wireless by refocusing our efforts on cloud and enterprise and drive down our cost structure in these areas


That was one of our fastest growing components within the Fluid Handling business in the quarter, which did lead to some margin compression in the quarter. So while we feel good about where margins are,

that was one of our fastest growing components within the fluid handling business in the quarter which did lead to some margin compression in the quarter so while we feel good about where margins are


we see some changes in the market as well for premiums for not so clean concentrate depending on what impurities we are dealing. So we are trying the whole time to optimize

we see some changes in the market as well for premiums for not so clean concentrates depending on what impurities we are dealing and so we're trying at the whole time to optimize


During the recent hurricanes affecting Texas and Florida, all of our hotels remained open while a very significant amount of our competitor hotels closed either before, during, or after the storms.

during the recent hurricanes affecting texas and florida all of our hotels remained open while a very significant amount of our competitor hotels closed either before during or after the storms


A mix of the type of business that we have is included as well because we had a big drop in some of our high margin banquet and catering business and we didn't flow it as well as we should have.

a mix of the type of business that we had is included as well because we had a big drop in some of our high-margin banquet and catering business and we didn't float as well as we should have


And with the new funding options we recently procured, these facilities will serve to optimize our dedicated capital in each of these strategies, unlocking incremental returns.

and with the new funding options we recently procured these facilities will serve to optimize our dedicated capital in each of these strategies unlocking incremental returns


This focuses on reinvesting in the business and our future to target both continuing and increasing free cash flow for the benefit of all stakeholders.

this focuses on reinvesting in the business and our future to target both continuing and increasing free cash flow for the benefit of all stakeholders


The company does not undertake a duty to update any forward-looking statements. Lastly, I would like to point out that management's remarks during this conference call are based on information and understandings

the company does not undertake a duty to update any forward-looking statements lastly i would like to point out that management's remarks during this conference call are based on information and understandings


We are leaning in on the marketing front to make sure people know that what they find -- that they can find this great merchandise at unbeatable prices at Five Below.

we are leaning in on the marketing front to make sure people know that what they find -- that they can find this great merchandise at unbeatable prices at five below


It is essential that our members have a unified Weight Watchers experience, whether it's in a meeting room every week, online at WeightWatchers.com or through our app and connect community.

it is essential that our members have a unified weight watchers experience whether it's in a meeting room every week online at weightwatchers com or through our app and connect community


and specifically grasp those data items and directly embed them into their forms and workflow. And so it does really, really imply a great increase in productivity

and specifically grasp those data items and directly embed them into their forms and workflow and so it does really really imply a great increase in productivity


and Alaska Steel broadened our geographic reach with our first entry into the Alaskan market in diverse industries, including infrastructure and energy.

and alaska steel broadened our geographic reach with our first entry into the alaskan market in diverse industries including infrastructure and energy


Higher earnings and lower interest payments were partially offset by higher income tax and contract acquisition payments as well as an incentive payment in 2015 from a previous acquisition.

higher earnings and lower interest payments were partially offset by higher income tax and contract acquisition payments as well as an incentive payment in 2015 from a previous acquisition


We believe that our combined portfolio of over 175 managed care and large account arrangements is strong and a key foundation for continued growth.

we believe that our combined portfolio of over 175 managed care and large account arrangements is strong and a key foundation for continued growth


As you are aware, our core Medical business is all capital and can be impacted by timing of customer orders and the related shipment. We continue to see strong order growth in the core Medical business.

as you are aware our core medical business is all capital and can be impacted by the timing of customer orders and the related shipment we continue to see strong order growth in the core medical business


having our recurring dividend based on this amount removes volatility from our dividend and enables investors to receive what we believe is an attractive after-tax qualifying dividend yield.

having our recurring dividend based on this amount removes volatility from our dividend and enables investors to receive what we believe is an attractive after-tax qualified dividend yield


We are gaining synergies with our product segment, and we have some exciting new proprietary products that we are launching this fall for our use in providing leading-edge services. Our

we are gaining synergies with our products segment and we have some exciting new proprietary products that we are launching this fall for our use in providing leading-edge services


Also if we look at the second half of the year, we have to make sure that we have a high service level ready for meeting the growth which we are seeing. And having the growth

also if we look at the second half of the year we have to make sure that we have a high service level ready for meeting the growth which we are seeing and having the growth


And I think it's showing up in the numbers. The growth rates will continue to go up for us. And again, the constraint is now, has been and always will be

and i think it's showing up in the numbers the growth rates will continue to go up for us and again the constraint will -- is now has been and always will be


and in order book. And the one caveat there is we don't know what they do with inventories through -- across the whole distribution channel. So they can

and in order book and the one caveat there is we don't know what they do with inventories through -- across the whole distribution channel so they can


just cycle through the oversupply. And we feel as consumer participation in cycling and consumer confidence remains as strong as it is, we don't see a long-term lingering effect on this business.

to cycle through the oversupply and we feel as consumer participation in cycling and consumer confidence remains as strong as it is we don't see a long-term lingering effect on this business


focused on the switch patients first. They're the patients who are already in the system, getting a treatment for Fabry disease are already receiving reimbursement. And as we focused on switch first and that's where we see the fastest uptick.

focus on the switch patients first they're the patients who are already in the system getting a treatment for fabry disease they're already receiving reimbursement and so we focused on switch first and that's where we see the fastest uptake